Haven’t we heard about this word KYC? Yes, you are correct we have heard about it in banks, post offices and it is known as Know your customer. So once in every six months or an year we get a message to update the KYC at respective places where we hold accounts just to minimise the possible fraudulent activities in our name.
In my consulting services, I have given a different version to this KYC which means Know your competitors. I tell my clients that first and foremost thing they need to do before launching a product, service or new businesses itself, is to do KYC. This helps them to know where they are compared to their competitors. Rather it also shows how big or small are their competitors, based on which further activities related to business could be strategised or re-strategised.
Knowing your competitors, studying about them, analysing their approach makes you half won in your battle. The battle is two ways: One is to make your presence felt and second is the nullify your competitors.
I always say don’t be afraid of your competitor. There could be many with good rankings before you.. For example, If you rank is 20th position generally entrepreneurs think they have 19 other competitors for them to compete with. But I disagree with them and have my own version to infer it. I say that you have only one competitor and he is the one holding 1st position.
There are many brands of automotive companies in India. Just because Toyota was there Honda didn’t back off, just because Honda is there Ford didn’t back off, just because Ford was there Nissan didn’t back off.But there is a common view in all of them. They only see Maruti which is a leader and has around 47% of Indian automotive segment as their competitor and not among themselves, thus they raise their bar.
Similarly for other businesses too KYC becomes very important and this task in not a one time activity but has to be done at regular intervals of time if you or me have to stay afloat in the business and relevant in the market. Hope you agree with me, share your opinions in the comments below.